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It’s no marketing secret that social media has
become big business. Companies have discovered that it can be
more cost effective for marketing of their big brands than
traditional advertising because of its ability to reach large
audiences. But what about its use by companies in heavily
regulated
industries?

Industries that market pharmaceuticals, health care, financial
services, insurance, alcohol and tobacco or that serve government
entities must follow strict guidelines and regulations. For
example, medical organizations are required to abide by rules
like keeping a patient's medical records confidential and federal
departments and agencies must ensure that their websites comply
with Section 508 and are accessible
to people with disabilities.

The conventions of social media make following such rules
difficult at times. Not only are people willing and accustomed to
disclosing personal details about themselves on social media,
outlining warnings and safety information can be a challenge on a
format like Twitter's, which allows for just 140 characters.

That doesn’t mean that companies whose services are regulated
should avoid social-media platforms. Social media is a great
resource for sharing and discussing valuable information. When
done effectively and legally, social media can assist any entity
in one of these regulated fields. Here are four ways
that regulated companies can use social media :

1. Sharing industry information. Even firms
strictly regulated by state or federal governments can use social
media to make announcements or even share vital information with
potential or current customers.

Health-care companies could take to social media to share the
dangers surrounding a new weight-loss pill or facts about the
Affordable Care Act. But social media use doesn’t have to be just
serious. The United States Department of Agriculture has taken
advantage of National Hot Dog Day to share everything people
might want to know about the frankfurter in a lighthearted way.

2. Allowing customers to exchange
information. Social media offers an easy way for
people who don't know one another to exchange information:
Parents of children with a serious medical condition can share
their experiences, offer advice or even learn more about the
illness involved. In this same vein, legal or financial firms
might want to offer factual information on their social-media
pages as an alternative to what's offered on overtly partisan
websites.

3. Listening to social media chatter. With
the increasing amount of online conversations taking place,
social-media platforms are great resources for discovering what
is being said about a brand, industry or service or their
competitors. If many customers had a terrible experience with a
financial institution, that company might be wise to pay
attention to complaints on Facebook or Twitter to better address
and correct them.

Some companies choose to archive social media conversations,
which is required for legal purposes. This
way companies can retain a historic perspective about
particular topics discussed. This also allows them to monitor
and analyze which marketing campaigns worked, how people
perceived their brand or when and why individuals discussed
their brand on social media. These insights can offer more
in-depth and unique information than what's found in surveys
or focus groups.

4. Building trust. With the convenience and
popularity of social media outlets, some consumers tap them to
broadcast an unmet concern. When some financial firms monitor
social media, they enlist a real staffer to send
private messages instead of sending an automated or
scripted response. That can build trust and comfort a
customer that the matter in question -- such as difficulty
logging on to the company's website -- will be handled in a
reasonable amount of time.

Do you have things can't say on social media in your regulated
field? I'd love to hear in your comments below.